When you start a business in Korea, whether it is a Korean subsidiary or a startup, choosing the right business structure has huge implications for its operation, liability, and future investment.
In the U.S., a joint stock company(C-Corporation) and a limited liability Company(LLC) are often used as business entity by foreign investors and startups. The same applies in South Korea.
So, in this article, our Korean business lawyer explains these two entities with more emphasis on the Korean LLC, which is called a Yuhan Chegim Hoesa(YCH).
We have been frequently asked about how to get divorced in Korea as foreigners. In this article, our Korean divorce lawyer explains the most essential information about Korean divorce law and practices.
Can Foreigners Get a Divorce Decree from the Korean Court?
Korean divorce law doesn’t treat foreigners differently. Foreign spouses who married Korean citizens and even foreign spouses who married non-Korean citizens can divorce in Korea.
One thing to note is the Korean courts’ rule of jurisdiction which applies to international divorce. Generally speaking, the Korean court will accept a divorce filing when the other spouse, i.e. the respondent, resides in Korea.
There is an exception to this. In certain situations, the foreign spouse can get a divorce decree from the Korean court even if the other spouse does not reside in Korea.
There was a news report that more than half of the foreign workers in South Korea are not aware of the fact that they can claim for the severance pay. Yes, Korean labor law recognizes severance pay. It is being regulated by the Guarantee of Workers’ Retirement Benefits Act(“GWRBA”). In this article, we will provide you a guide to the general ideas of how severance pay works, who gets it, and how much in Korea.
Let’s say you obtained damages recovery judgment from a U.S. court against a Korean residing in the states. Soon after your excitement for the winning judgment, however, you found he had no assets in the states to fulfill your judgment. This could also happen in litigation between U.S. citizens in a U.S. court where the losing defendant moved to South Korea and there are no assets left in the U.S. You might have spent quite a large amount of legal fees to win the judgment already, but you think your judgment is now in great peril to become useless. This horrible situation might frustrate you.
But, don’t worry too much. You can enforce your duly obtained U.S judgment in South Korea. If you are sure the defendant has enough assets to cover your claims in the judgment and your legal fees, you are encouraged to file an enforcement order for a foreign judgment to a Korean court.
South Korea has a special investment regime which is called “Foreign Direct Investment(FDI)”. This was established for the purpose of promoting foreign investment. If the foreign investor meets the thresholds under the FDI regulation, it provides many benefits and incentives. (more…)
You had started a business in Korea by setting up a business entity under Korean law. It is natural that, at some point, you might consider withdrawing from the Korean market and getting your investment and profits back to your home country. You might also want to close the business in Korea and liquidate all debts and liabilities. If that is the case and a stock company or LLC is the legal form of your Korean business entity, subsidiary, or affiliate, here is what you should know about the company dissolution and liquidation process in Korea.
[Updated on October 29, 2021]
Q) I am a US citizen who married a Korean wife. We moved to California 5 years ago. This year, she suddenly left and refused to return home with our son. It has been 3 months but she flat out denies my right to be with him. I am not abusive nor have I ever been violent towards her or our son. I have already sent in my Hague Child Abduction Convention application to the U.S. State Department to start the Hague process. I would like to know if your firm has handled Hague cases for International Parental Child Abduction.
South Korea Is a Contracting Nation to Hague Child Abduction Convention
On December 13, 2012, South Korea had become the 89th contracting nation to the Hague Convention on the Civil Aspects of International Child Abduction (“Hague Child Abduction Convention”, please refer to our previous article).
What is a Permanent Resident Visa (F-5) ?
The name says it all. The Korean permanent resident visa (F-5) is the Korean green card, the most versatile visa for foreigners who wish to live in Korea for an unlimited period of time and without any restriction on their activities in Korea.
There are several categories which can apply for a permanent resident visa.
You have unpaid receivables from a Korean company or personnel. The Korean counterpart doesn’t reply or refuses/delays the payment arguing some unacceptable reasons. The Korean counterpart might be acting in a hope that the long distance between the two works in their favor. You may also feel helpless or sometimes frustrated confronted by language barriers and different laws.
That is the time to consider hiring a local lawyer. The Korean business and litigation lawyer can guide you through the whole process of debt collections in South Korea.